Price List: China’s Zhongjing reduces export PP offers

China’s major PP producer – Zhongjing Petrochemical has stepped back on export PP offers on the back of the dwindling demand condition both at home and overseas markets.

The latest offers from the producer and changes from the previous offers are as follows:

The initial responses from Southeast Asian buyers are weak, especially towards the homo-PP yarn and injection grade. Customers in this region continue to struggle with the weak end product businesses and tightening credit lines, hence, the lack of purchasing interest.

Background:

Fujian Zhongjing Petrochemical is a subsidiary of China Soft Packaging Group Holdings Limited – a leading BOPP packaging products manufacturer in China. The company ventured into the upstream sector by building its first PP plant in 2012 and has been actively planning to expand the capacity since then.

Existing plants include two PP lines with a nameplate capacity of 1 million tons/year and a 750,000 tons/year propane dehydrogenation (PDH) unit based in Fujian, China. 

In 2018, the company signed a contract to use LyondellBasell’s 5th Generation Spheripol technology to build a new PP line with an estimated annual output of 1.2 million tons/year. The new plant is scheduled to come online between late 2022 to early 2023. 

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